I’ve read that cpanel runs with it’s own version of libsafe and that you don’t need to install it. Is this true? Should I install this or not? Any suggestions ?
I don't believe Libsafe is required with 2.6.x kernels. However, installing it (properly) won't actually hurt anything regardless of which kernel you use.
No, it's not needed with the 2.6 kernels, AFAIAA. If you want to install it on 2.4 kernels it's simple to do from source following the instructions from the developers.